Many people looking for housing in the metro Denver area must weigh the advantages and disadvantages of renting vs. buying Denver homes for sale. Each person must decide if buying a Denver home for sale or renting a Denver home is the best decision for them. This blog post outlines advantages of buying a Denver home for sale and advantages of renting a Denver home.
Advantages of Buying a Denver Home For Sale:
- Build equity by paying down a mortgage – This strategy works over the long-term even if prices go down.
- Can pay off your home in 30 years or even 15 years – After that, you won’t have any house payment other than property taxes and insurance. Can you think of a better retirement strategy than to pay off a Denver home?
- Mortgage interest deduction – The mortgage interest that you pay each month to buy a Denver home is tax deductible.
- You can do what you want – paint, decorate, remodel, landscape, the possibilities are endless.
- No one can kick you out of your home – as long as you keep paying your mortgage payments.
- In many Denver neighborhoods it’s currently more affordable to buy than to rent – mortgage rates are at all-time lows and Denver home prices are lower than they were a few years ago.
- Can have any kind of pet that you want – as long as it’s legal and allowed by the HOA if there is one.
- Pride of ownership – “this house is mine”.
- No security deposit – you don’t have to pay a security deposit to move in and you don’t have to worry about getting it back from your landlord when you move out.
Advantages of Renting a Denver Home:
- You are not responsible for repairs – If the hot water heater goes out, just call your landlord.
- Flexibility to relocate quickly – you don’t have to sell your Denver home first before you can move.